Average house price in Spain fell by 16.5% in August, according to the Notary Association

Based on figures from the previous year, the Spanish Notary Association claim that Spanish house prices fell by 16.5% in August, down to just 1.176 €/m2, with apartments dropping by 19.7%, and houses by 8.2%.

New properties came down by an average of 20.4% whilst resales dropped by 24.2%. Again, according to the same source, they claim that prices in general have dropped by 36.5% since the crisis began in 2007, a figure that other sources might dispute, claiming that prices have dropped by more than 40%.

Many claims are made by different organizations and government departments across Spain, often based on different sources with quite different results. However, given that all property transactions in Spain have to be completed before a notary, it’s reasonable to assume that their calculations can be considered more accurate.